During the late renewal period (January through end of February) in Virginia, can an MLO with a lapsed license continue to originate mortgage loans?
Correct Answer
A) No, the MLO may not originate loans during the lapsed period but can complete the renewal process
During the late renewal period, a Virginia MLO's license is lapsed and they cannot originate any loans. However, they can still complete the renewal process without re-applying as a new applicant.
Why This Is the Correct Answer
During the late renewal period, a Virginia MLO's license is lapsed and they cannot originate any loans. However, they can still complete the renewal process without re-applying as a new applicant.
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